Fees

The current trading fees are set out in the below schedule. Trading fees are invoiced on a monthly basis and debited from clearing members' accounts at LME Clear.

Non-ferrous fees

Futures, Carries, Traded options and TAPOs (Per leg per side per lot) Fees (USD)
Contract type Category  Trading   Clearing1 Total  
Exchange  Ring/Kerb/Basis  0.25  0.25  0.50
   Non-Ring  0.65  0.25  0.90
Short-dated carries2 - Ring & Kerb  0.05  0.10  0.15 
Short-dated carries2 - LMEselect   0.15  0.10  0.25
Short-dated carries2 - Inter-Office & Basis   0.25  0.10  0.35
 Medium-dated carries3 - Ring & Kerb  0.10  0.15  0.25
 Medium-dated carries3 - LMEselect & Basis  0.30  0.15  0.45
Medium-dated carries3 - Inter-Office  0.55  0.15  0.70
 Give-up  0.25  0.25   0.50
Client  Short-dated carries2  0.15  0.10  0.25
Medium-dated carries3   0.30  0.15  0.45
 All other  0.65  0.25  0.90 
Option exercise/assignment    -  0.35  0.35
Cash settlement fee4    -  0.08  0.08
Delivery fee    -  0.35  0.35

1For a complete list of the latest LME Clear fees and charges, please refer to the LME Clear pages of the website.

2Short-dated carries are where all carry dates are between the TOM date (next LME business day) and 15 calendar days forward from the TOM date inclusive.

3Medium-dated carries are carries which are not short-dated, and where all legs are within 35 calendar days forward from the closest prompt date. For the avoidance of doubt, multi-leg carries would need to have all legs within 35 days of the closest prompt date for the medium-dated carry fee to apply. These will be effective from 1 November 2017.

4For settlement of Monthly Average Futures.

Certain position transfers, as detailed in Notice 16/290 : A/284 issued on 23 August 2016, and certain other administrative transactions, may be eligible for a fee cap. For further information, please contact Client Advisory and Membership Services.

LMEminis (per side lot) Fees (USD)
  Trading Clearing Total
 All -  0.25 0.25
 Cash settlement fee -  -  -

LME Steel Scrap and LME Steel Rebar fees

Contract type (Per leg per side per lot) Category Trading (USD)  Clearing (USD)  Total (USD) 
Exchange  Non-Ring  0.07  0.03  0.10 
 Give-up  0.03  0.03  0.06
Client  All 0.07 0.03  0.10
Cash settlement fee   -   0.02  0.02
 

 Trading fee calculator

Calculate the fees payable on trades under LME's new simplified tariff effective from 1 October 2017 using the spreadsheet below.

 This tool:

  • Includes both LME and LME Clear trade and clearing fees
  • Calculates fees for a range of trading scenarios calculate including single outrights or multi-leg carries
  • Covers both member-to-member and client trades

The calculator does not validate prompt dates against the LME prompt date calendar or if the combinations of data entered is a valid submission in LMEsmart.

Base Metals Membership 

The following annual membership fees apply:

Membership category Fees (USD)
Category 1 95,000
Category 2 90,000
Category 3 30,000
Category 4 30,000/ 75,000 1
Category 5 4,000
Category 6 500
Category 7  -
30,000
30,000

1Category 4 members operating a proprietary trading model will incur annual subscription fees of $30,000 per annum; Category 4 members who execute / issue LME Registered Client Contracts for customers will incur annual subscription fees of $75,000 per annum.

LMEprecious Membership 

The following annual membership fees for LMEprecious apply (waived until January 2019):

Membership category Fees (USD)2
GCM 20,000
ICM 10,000
NCM 0

2Annual subscription fee is waived until January 2019. Existing Members of the Base Service are not require to pay an additional annual subscription fee.

Companies considering LME membership should review the membership requirements by following the process for becoming a member.

LME Clear Membership

LME Clear recurring facilitation fees Fees (USD)
GCM clearing for other LME Exchange Members 3 25,000
GCM clearing for clients 17,000
ICM clearing only for itself 14,000
ISA fee (per additional a/c) 1,700
OSA fee (per additional a/c) 5,000

3Includes one House, one OSA and one ISA account.

One-off fees Fees (USD)
LME application fee4 4,000
LME Clear application fee 1,700

4A processing fee will be applied to all new membership applications at the point of receipt of the final pack and where successful, will be offset against the first year’s annual subscription fee.

LMEsword

The settlement of LME contracts is facilitated through the exchange of warrants using LMEsword. The following fees and charges apply to transactions on LMEsword by member firms.

LMEsword depository charges (per warrant) Fees (USD)
Lodgement of LMEsword warrants -
Withdrawal of LMEsword warrants 3.00
Safekeeping LMEsword warrants in depository (per calendar day) 0.01
Ex-cleared transfers1 3.00

LMEsword fees are invoiced monthly.

1 Ex-cleared transfers relating to warrants pledged and withdrawn to/from LME Clear as collateral will be capped at $3,000 per year per member account commencing 1 January 2017. This cap will apply for 2017 and will be reviewed on an annual basis thereafter.

LMEsword fees for non-member account holders Fees (USD)
Annual fees   5,000
Administration fees Non-member account holder 8,200
  Non-member remote participant account holder 4,100

Warehouse

Listed warehouse and LME warranted metal charges Fees
Annual warehouse listing fee (per warehouse company, per good delivery point)
5,000 (USD)
Additional warehouse(s)
4,000 (USD)
Stock levy (of the daily rent collectable on LME warrants)1 1.1%

1 The calculation will be the total reported tonnage (cancelled plus live warrants) on each day, multiplied by the published rent rate for each warehouse, multiplied by 1.10 per cent. Stock levies on cancelled warrants subject to Queue-Based Rent Capping (QBRC) will be adjusted according to QBRC rules (including anti-abuse measures): metal eligible for a 50% rent discount will be liable for only 50% of the stock levy. The stock levy will not apply to metal eligible for rent-free storage under QBRC. Stock levies will continue to be invoiced on a half-yearly basis: the stock levy for 1 January 2017 to 30 June 2017 will be invoiced in early July 2017 and the stock levy for 1 July 2017 to 31 December 2017 will be invoiced in early 2018.

A complete listing of fees and levies is available. Fees and levies may be subject to VAT and other applicable taxes. For more information please contact us to discuss your enquiry.

Brand listing fees

LME brand initial listing charge Fees (USD)
All brands of metal, except steel billet 65,000
Steel billet -

Applications are subject to the relevant guidance notes. Fees are not refundable for unsuccessful or lapsed applications.

LSA fees

LSA charge Fees (USD)
Per listed assayer 2,500

LMEprecious

Effective 10 July 2017
The fees and charges below are exclusive of any applicable VAT.

LMEselect - gold and silver futures1 Fees (USD)
Contract type Prompt date  Trading   Clearing2 Total  
House3



Tom or Spot 0.28 0.12 0.40
Tom/Next Carry or Spot/T+3 Carry 0.005 0.005
0.01
Monthlies, all other dailies and quarterlies 0.35 0.15 0.50
Client Tom or Spot 0.62 0.28 0.90
  Tom/Next Carry or Spot/T+3 Carry 0.005
0.005
0.01

Monthlies, all other dailies and quarterlies 0.62 0.28 0.90

Inter-office (telephone) market 4 - gold and silver futures Fees (USD)
Contract type Prompt date  Trading   Clearing2 Total  
House3



Tom or Spot 0.21 0.09 0.30
Tom/Next or Spot/T+3 Carry 0.005
0.005
0.01
Monthlies, all other dailies and quarterlies 0.26 0.12 0.38
Post-trade functions5 0.03 0.02 0.05
Client Tom or Spot 0.47 0.21 0.68
  Tom/Next or Spot/T+3 Carry 0.005
0.005
0.01

Monthlies, all other dailies and quarterlies 0.47
0.21
0.68
  Post-trade functions5 0.03
0.02
0.05

Notes

1All fees in this schedule are per leg per lot per side. 

2Clearing fees are indicative only. For a complete list of all the latest LME Clear fees and charges, please refer to the LME Clear pages

3House fees apply to house business for all LMEprecious membership levels. This includes LMEprecious General Clearing Members (GCMs), LME precious Individual Clearing Members (ICMs) and LMEprecious Non-Clearing members (NCMs). House fees also apply to trading in LMEprecious Contracts undertaken by affiliates of LMEprecious clearing members (GCMs and ICMs). An “affiliate” shall mean, in relation to an entity, any subsidiary or ultimate holding company of that entity and any other subsidiary of that ultimate holding company. A company is a “subsidiary” of another company, its “holding company”, if that other company holds directly or indirectly 50% or more of the voting rights in the company and/or exercises effective control over it. Affiliates of LMEprecious GCMs or ICMs wishing to benefit from House fees must contact the Client Advisory and Membership Services (‘CAMS’) team to demonstrate the entity meets the definition of an affiliate as set out above.  

4There is a 25% discount to fees for trades executed on the inter-office (telephone) market. 

5Including give-ups, executor trades, reversal/corrections and position transfers, give-up clearer trades are 0.45 (trading 0.31, clearing 0.14).

LMEselect API fees

Distribution of market prices to clients via LMEselect's API Fees (USD)
Per client per month1 25
Up to a maximum of 7,500

Prices are all exclusive of any applicable VAT.

LME Clear will pass through all third party transaction fees to members at cost.

1Effective from 1 January 2017, upon receiving approval from the LME, members may permit clients to use the LME data received from the LMEselect API in simulated trading environments without incurring market data fees (US$25 per user / per month) provided certain conditions, including reporting obligations, are met. Members wishing to offer this service should email for pre-approval (per client or sub-client) and an updated reporting template. For further information, please refer to the LMEselect API Side Letter between each member and the LME.